Time for Action: CWN Notifies AG’s of Foreclosure Fraud

March 27, 2009

39 State Prosecutors Alerted to Mortgage Foreclosure Fraud

The Consumer Warning Network is giving voice to the email complaints readers have been sending to us.  We’ve compiled the emails and will deliver an alert regarding these concerns to the Attorneys General in 39 states – from Maine to California, from Florida to Hawaii.  For each AG, we’re including the citizen complaints of mortgage fraud from each of their respective states and asking them to take action.

It’s time the fraudulent mortgage lenders be held responsible for the pain and tragedy caused by their deceptive and dishonest lending practices.  These practices not only lured homeowners into bad loans, but then magnified the problems by their callous lack of response to pleas for help. Apparently, the lines of bail-out communication are open between the banks and the government, but consumers only get a busy signal.

Call to Action

Months ago, the Consumer Warning Network told its readers that it would collect and share their experiences with fraudulent mortgage lenders with the state Attorneys General in their respective states. Since then, more than 250 complaints have been received.

These complaints have been compiled, along with a letter to the Attorney General in each state.  CWN will transfer copies of the consumer complaints to the AG’s and is asking that action be taken against the responsible parties.

Perhaps a few “perp walks” and a $40 pair of handcuffs will force lenders to look for solutions to the problems they helped create,instead of just asking for a few billion more dollars to fix up their books.